02-24-97 Personnel & Finance - Laserfiche WebLink

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aCommfttss Itsport: Personnel and Finance Committee 10 tis Common toutttfl of Os ettj of i+outf) Osttb: The February 24, 1997, meeting of the Personnel and Finance Committee was called to order by its Chairperson, Councilmember Coleman, at 5:10 p.m. in the Council informal meeting room. Persons in attendance included Councilmembers: Kelly, Aranowski, Pfeifer, Broden, Varner,Ujdak,Coleman, Sniadecki; Ann Kolata,Cathy Roemer Don Porter and Kathleen Cekanski-Farrand. Councilmember Coleman noted that the purpose of the meeting was to review the City's bond obligation and more specifically, the handout provided by the City Controller on February 10, 1997 (copy attached). Ann Kolata noted that TIF Revenue Bonds and General Obligation Bonds each have a 2% maximum with a 12 million dollar capacity total. She noted that a South Bend Redevelopment District Bond was recently financed for a savings after all costs of approximately$250,000.00. With regard to the Revenue Bonds, in response to a question raised by Councilmember Varner, it was noted that TIF basically takes assessments away from the City and County with a net result causing an overall rate increase by having a TIF assessment. This does, however,create additional dollars. Councilmember Coleman then had each of the two (2) Airport TIF Bonds, both of which have been refinanced, summarized and also summarized the six (6) South Bend Central TIF Bonds,again which have been refinanced. It was noted that the Coveleski Stadium Bond issue will have its last payment a week from this Monday. Ann Kolata further noted that every possible bond has been refinanced where it could be where a savings would result. It was also noted that the College Football Hall of Fame bond for 1997 through the year 2004 only shows the interest payments required yearly of $1,320,000.00, where beginning in the year 2005 the principal and interest payments will begin in the amount of $2,260,000.00 and increasing to $3,200,000.00 each year thereafter. Overall discussion of the two older parking garages on Jefferson and Colfax then took place and the cosmetic improvements needed to the Wayne Street garage. Councilmember Coleman noted that if the County passes the County Option Income Tax that the Personal and Finance Committee would meet as a committee on March 10, 1997. It is projected that a Public Hearing before the South Bend Common Council would not take place prior to March 24, 1997 on the issue Under miscellaneous matters Councilmember Coleman and Council President Kelly brought up the casino gambling issue with both noting that the Chamber of Commerce has taken the position that a two year moratorium would be appropriate.